Principle = $15,500 Interest Rate = 8.75% Time = ? Years Simple Interest = $5425.00 Solve for the Time in Years

Question

Principle = $15,500 Interest Rate = 8.75% Time = ? Years Simple Interest = $5425.00

Solve for the Time in Years

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    2021-09-11T09:10:52+00:00

    We must find time by using the simple interest formula:

    I = P x i x t

    I is the interest
    P is the total principal 
    i is the rate of interest per year
    t is the total time in years

    In this example, when we plug our known values in, our formula looks like this: 

    t =  \frac{I}{i*p}

    t =  \frac{5425}{0.0875 * 15500}

    t = 4

    So time (in years) would be 4 years. 

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